The reports came after a former IMF watchdog urged the world's "lender of last resort" to be more critical of its involvement in many bail-out countries for the sake of the institution's credibility.

"Few reports probe more fundamental questions - either about alternative policy strategies or the broader rationale for IMF engagement," said a report from David Goldsbrough, a former deputy director of IMF's Independent Evaluation Office (IEO).

The International Monetary Fund has come under fire for failing in its duty of care towards Greece by pushing self-defeating austerity measures on the battered economy.

The Washington-based fund has previously admitted it should have eased up on the spending cuts and tax hikes, pushed for an earlier debt restructuring and paid more "attention" to the political costs of its punishing policies during its five-year involvement in Greece.

Accounts from 2010 show the IMF was railroaded into a Greek rescue programme on the insistence of European authorities, vetoing the objections of its own board members from the developing world.

The IMF is prevented from lending to bankrupt nations by its own rules. But it deployed an "exceptional circumstances" justification to provide part of a €110bn loan package to Athens five years ago.

Despite privately urging haircuts for private sector creditors in 2010, the IMF was ignored for fear of triggering a "Lehman" moment in Europe, by then European Central Bank chief Jean-Claude Trichet. Greece later underwent the biggest debt restructuring in history in 2012.

Former French ECB chief prevented haircut for Greek bonds

The findings of the fund's research division have largely discredited the notion that harsh austerity will bring debtor nations back to health. However, this stance has been at odds with its negotiators during Greece's new bail-out talks where officials have continued to demand deep pension reforms and spending cuts for Greece.